On January 1, 2024, James Corporation exchanged $3,050,000 cash for 100 percent of the outstanding voting stock of Johnson Corporation. James plans to maintain Johnson as a wholly owned subsidiary with separate legal status and accounting information systems.

At the acquisition date, James prepared the following fair-value allocation schedule:

Consideration transferred for Johnson Corporation		$ 3,050,000
Johnsons carrying amount	$ 2,300,000
Less: Johnsons preexisting goodwill	(75,000)
Identifiable net assets carrying amount		2,225,000
Excess consideration transferred over carrying amount of identifiable net assets		$ 825,000
to Johnsons patents (undervalued)		800,000
to new goodwill from Johnson acquisition (indefinite life)		$ 25,000

Immediately after closing the transaction, James and Johnson prepared the following postacquisition balance sheets from their separate financial records.

Accounts	James	Johnson
Cash	$ 245,000	110,000
Accounts receivable	1,830,000	360,000
Inventory	3,500,000	280,000
Investment in Johnson	3,050,000	0
Patents	7,000,000	1,000,000
Trademarks	0	3,200,000
Goodwill	150,000	75,000
Total assets	$ 15,775,000	$ 5,025,000
Accounts payable	$ (100,000)	$ (515,000)
Long-term debt	(4,300,000)	(2,210,000)
Common stock	(5,000,000)	(1,000,000)
Additional paid-in capital	0	(200,000)
Retained earnings	(6,375,000)	(1,100,000)
Total liabilities and equities	$ (15,775,000)	$ (5,025,000)

Required:

Prepare an acquisition-date consolidated balance sheet for James Corporation and its subsidiary Johnson Corporation.

Note: For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.

Please show work, I need to figure out what i'm missing. Thanks in advance .

\begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Answer is not complete. } \\ \hline \multicolumn{9}{|c|}{ JAMES CORPORATION AND CONSOLIDATED SUBSIDIARY JOHNSON CORPORATION } \\ \hline \multicolumn{9}{|c|}{ Consolidated Balance Sheet } \\ \hline \multicolumn{9}{|c|}{ January 1, 2024} \\ \hline & \multirow{2}{*}{\multicolumn{2}{|c|}{ James }} & \multirow{2}{*}{\multicolumn{2}{|c|}{ Johnson }} & \multicolumn{2}{|c|}{ Consolidation Entries } & \multirow{2}{*}{\multicolumn{2}{|c|}{ Consolidated }} \\ \hline & & & & & Debit & Credit & & \\ \hline Cash & $ & 245,000 & $ & 110,000 & & & $ & 355,000 \\ \hline Accounts receivable & & 1,830,000 & & 360,000 & & & & 2,190,000 \\ \hline Inventory & & 3,500,000 & & 280,000 & & & & 3,780,000 \\ \hline Investment in Johnson & & 3,050,000 & & 0 & & & & \\ \hline Patents & & 7,000,000 & & 1,000,000 & 800,000 & & & 8,800,000 \\ \hline Trademarks & & 0 & & 3,200,000 & & & & 3,200,000 \\ \hline Goodwill & & 150,000 & & 75,000 & 25,000 & & & 175,000 \\ \hline Total assets & $ & 15,775,000 & $ & 5,025,000 & & & $ & 18,500,000 \\ \hline Accounts payable & $ & (100,000) & $ & (515,000) & & & $ & 615,000 ( \\ \hline Long-term debt & & (4,300,000) & & (2,210,000) & & & & 6,510,000 \\ \hline Common stock & & (5,000,000) & & (1,000,000) & & & & 5,000,000 \\ \hline Additional paid-in capital & & 0 & & (200,000) & & & & \\ \hline Retained earnings & & (6,375,000) & & (1,100,000) & & & & 6,375,000 \\ \hline Total liabilities and equities & $ & (15,775,000) & $ & (5,025,000) & $825,000 & 0 & $ & 18,500,000 \\ \hline \end{tabular}